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Business > Management Activities > Flashcards

Management Activities Flashcards

1
Q

Management activities

A

controlling
organising
planning

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2
Q

controlling

A

manager making sure that the business stays on target to achieve the objectives that they set during the planning stage

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3
Q

steps to controlling

A

set goals
measure performance regularly
measure/investigate any deviations
take corrective action to stay on target

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4
Q

areas to control

A

stock control
quality control
credit control
financial control

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5
Q

stock control

A

making sure the business has the right amount of stock at all times
eg Just In Time
aims to keep min stock and never run out
materials come in and are immediately used

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6
Q

just in time advantages

A

doesnt hold much stock- lower insurance premium
theft is spotted easier
improves sales/reputation
no money lost on storage costs/deterioration

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7
Q

quality control

A

keeping high quality of products

involves physical inspections (expensive items), quality circles(small group of volunteer employees), ISO 9000 awards

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8
Q

ISO 9000 awards

A

awarded for high quality
internationally recognised
constantly prove excellent quality to a group of inspectors

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9
Q

advantages of quality control

A

increased sales if goods constantly high q
ISO 9000 helps marketing
lower costs as less waste on faulty products

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10
Q

credit control

A

making sure debtors pay bills on time by:

  • setting a max limit on credit given
  • vet customers individually (CRR)
  • invoice sent containing how much owed and when
  • collection procedure for debtors who wont pay
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11
Q

advantages of credit control

A

ensures business is paid so they can pay their own bills
reduces bad debts/costs
helps choose who to lend credit to

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12
Q

financial control

A

making sure the business is always profitable and has money to pay bills by:

  • set budget for each dept.
  • compare CFF to actual cash flow
  • ratio analysis of actual vs budgeted
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13
Q

advantages of controlling

A

makes sure they reach their objectives
reduces costs
improves cash flow
increases sales and profit

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14
Q

organising

A

arranging all the resources into the most suitable form to achieve objectives

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15
Q

organisational structures

A

functional
product
geographic
matrix

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16
Q

adv and disadv of functional structure

A 
a
-specialisation
-accountability
-clarity
d
-isolation
-co-ordination
17
Q

adv and disadv of product structure

A 
a
-focus on customer
-competition between depts.
-lower costs
d
-duplication
-brand cannibalisation (internal competition)
18
Q

adv and disadv of geographical structure

A 
a
-serve local needs better
-healthy competition
-lower costs
d
-duplication
-conflict
19
Q

adv and disadv of matrix organisation

A 
a
-better co-ordination
-better ideas
-develops employees
d
-two bosses
-increased costs
-slow decision making
20
Q

span of control

A

number of employees that report directly to a manager

can be wide of narrow

21
Q

size of span of control depends upon

A 
managers experience
employees experience and ability
type of work
location of employees
outside pressure on manager
22
Q

chain of command

A

line of authority and communication that specifies who reports to whom
unity of command: each employee is accountable to one manager

23
Q

advantages of organisation

A

solves problems quickly
improves efficiency
helps cope with change
minimises waste

24
Q

planning

A

where the manager sets goals for the business and comes up with strategies to achieve these goals

25
Q

steps to planning

A

SWOT analysis
set objectives
devise strategies
implement the plan

26
Q

types of strategies

A

low cost leadership strategy
-keep costs as low as possible to keep products cheap eg RyanAir
differentiation strategy
-stand out from competition eg brand name
niche strategy
-spotting consumers with specific need

27
Q

types of planning

A

mission plan
strategic plan
tactical plan
contingency plan

28
Q

mission plan

A

overall objective of the business

what it does, future plan, values, beliefs

29
Q

strategic plan

A

long (5yrs) term plan of action by senior managers

breaks down mission plan

30
Q

tactical plan

A

short term for each dept. by middle managers

break down strategic plan

31
Q

contingency plan

A

back up plan for emergency/unforeseen circumstances

aims to limit damage and destruction/loss of profits

32
Q

advantages of planning

A 
guides business to success
helps avoid future problems
makes firm stronger
helps secure capital
motivates employees/managers

Business (27 decks)

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